It has been a great morning for one ASX gold share on Thursday.
At the time of writing, this gold explorer is up 13% to 26 cents.
Image source: Getty Images
Which ASX gold share?
The gold share rocketing this morning is WIA Gold Ltd (ASX: WIA).
It is the owner of the Kokoseb Gold Project in the north-west of Namibia. The company notes that is a country that is a well-recognised mining jurisdiction, with an established history as a significant producer of uranium, diamonds, gold and base metals.
This morning, the ASX gold share has released further positive assay results for 33 reverse circulation (RC) drill holes and 11 diamond drill holes (DD). This drilling totalled 11,192 metres and is part of its ongoing campaign to upgrade inferred resources and expand the 2.12Moz Kokoseb Gold Project.
According to the release, the southern zone RC results included the most significant gold intercept returned to date at Kokoseb. This includes 50m at 12.00 g/t Au from 188m.
In addition, shallow drilling at central zone has extended high-grade shoot with an unconstrained intercept of 118.3m at 1.46 g/t Au. Another positive is that complementary infill drilling for shallow resource conversion continues to return strong mineralisation.
Importantly, all zones at Kokoseb remain open at depth. This bodes well for future drilling and the highly anticipated mineral resource estimate, which management advised remains on track to be released later this month.
The ASX gold share's executive chairman, Josef El-Raghy, was pleased with the drilling results. Commenting on today's update, he said:
The potential to grow Kokoseb significantly is demonstrated by these outstanding results, underpinned by its best gold intercept to date – 50m at 12.00 g/t Au in KRC437. The Kokoseb deposit remains open at depth and along strike, with widths of consistent high grade in the Southern, Central and NW Zones. We look forward to announcing our updated Mineral Resource Estimate later this month, which will mark another important milestone in unlocking Kokoseb's significant value.
Big returns
It certainly has been an incredible 12 months for this ASX gold share. Thanks to excitement over the Kokoseb Gold Project and the sky high gold price, its shares have rocketed higher over the period.
In fact, following today's rise, the WIA Gold share price is now up a remarkable 189% since this time last year.
This means that a $2,500 investment a year ago would now be worth a sizeable $7,200.
